Subject:
Title
Resolution authorizing the waiver of the "Indigent Care Fee" requirement contained in Pinellas County Code Section 2-427(4), that there be charged a fee of one-quarter of one percent of the Bonds for use by Pinellas County in serving the medically indigent in connection with the issuance by the Pinellas County Health Facilities Authority of its Healthcare Facilities Revenue and Revenue Refunding Bonds in an aggregate principal amount not to exceed $25,000,000.00 on behalf of St. Mark Village, Inc., a Florida not-for-profit corporation for a project to be located in Palm Harbor, Florida.
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Recommended Action:
Recommended Action
Adopt a resolution authorizing the waiver of the "Indigent Care Fee" requirement contained in Pinellas County Code Section 2-427(4), that there be charged a fee of one-quarter of one percent of the Bonds for use by Pinellas County (the "County") in serving the medically indigent in connection with the Pinellas County Health Facilities Authority Healthcare Facilities Revenue and Revenue Refunding Bonds (St. Mark Village Project Project), in one or more series of tax-exempt qualified 501(c)(3) bonds (the "Bonds") in an aggregate principal amount not to exceed $25,000,000.00 on behalf of St. Mark Village, Inc. (the "Corporation"), a Florida not-for-profit corporation for a project to be located in Palm Harbor, Florida.
The Corporation is requesting the issuance of the Bonds for the purpose of:
• Refinancing the Authority's outstanding Revenue and Revenue Refunding Bonds (St. Mark Village Project), Series 2015A (Tax-Exempt); refinancing a conventional taxable loan from Hancock Whitney Bank, a Mississippi chartered bank to the Corporation, as more fully described in the application filed with the Authority; financing and reimbursing the costs of certain improvements and equipping of the Corporation's facilities; funding certain reserve funds; and paying certain costs of issuance in connection with the issuance of the Bonds.
• This item has no fiscal impact on Pinellas County. The Corporation is responsible for payment of all fees and expenses.
Pursuant to Resolution No. 25-28, adopted by the Board on March 25, 2025, the Board approved the issuance of the Bonds, solely for the purpose of complying with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended. Pursuant to a Resolution adopted on March 12, 2025, based upon the information provided by the Corporation, the Authority has recommended that the Board waive the Indigent Care Fee.
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Strategic Priorities:
Prosperity and Opportunity
3.5 Foster business growth
Summary:
Summary
The Corporation has requested the waiver of the requirement contained in Pinellas County Code Section 2-427(4), that there be charged a fee of one-quarter of one percent of the Bonds (the "Indigent Care Fee") for use by Pinellas County (the "County") in serving the medically indigent in connection with the Pinellas County Health Facilities Authority Healthcare Facilities Revenue and Revenue Refunding Bonds (St. Mark Village Project Project), in one or more series of tax-exempt qualified 501(c)(3) bonds (the "Bonds").
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Background Information:
Adoption of the resolution will waive the requirement that the Corporation pay the Indigent Care Fee in recognition of its willingness to provide care to its senior citizens otherwise unable to afford its care and its agreement to continue to be obligated to serve its low-income elderly residents of the Project who are otherwise unable to meet their obligations.
Fiscal Impact:
No fiscal impact on the County. The Corporation is responsible for payments of all fees and expenses.
Staff Member Responsible:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Operating Budget Manager, Office of Management & Budget
Partners:
Pinellas County Health Facilities Authority
St. Mark Village, Inc.
Attachments:
Resolution and Exhibit A - Project Schedule